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CNBC
Oct 29, 2012 12:00pm EDT
down the street. we've seen some twitter pictures from some other local news correspondents who were actually able to stay there showing that flooding is very, very bad around the casinos and that the boardwalk is breaking up piece by piece from what we can see. atlantic city also is lower set than where we are here. also seeing pictures of long beach island, popular new jersey vacation destination for wall streeters. the ocean is about to meet the bay there by the looks of the pictures. intense, intense flooding there. it's going to get worse later. if you can see what it looks like now, imagine just about eight hours from now, scott. >> kayla, thanks so much. stay safe down there. we'll hear from you throughout the day, obviously. kayla tausche down in cape may, new jersey. >>> insurers are bracing for damage and probably for the worst from hurricane sandy as it approaches landfall. but will it live up to the catastrophic projections? let's welcome cliff galant, insurance analyst at kbw. welcome. >> good morning. >> what's been a fairly benign hurricane season certainly going out w
CNBC
Oct 31, 2012 4:00pm EDT
with the locals to turn off electricity to clear the trees out of the streets and first get everything running again. if they don't have electricity they're not going to get the gasoline. people are running their houses on generators and the generators will run out of fuel soon. i was talking to one guy he was talking about siphoning gas out of his car and happy he refilled it before the weekend so he could run the generator to keep his house going. it's a big mess. >> gordon you're here from the nyse, talking about more travel restrictions in and out of new york. how is that going to impact trading volume and liquidity for the rest of the week in your view? >> it may have impact. if people are going to trade, they're going to trade, and if they're not, they're not. the first day of a new month automatically means less volume than today. you saw the people marking their positions. yeah i think traveling will be difficult but it will start to pick up november 1st or 2nd we'll be light days for us anyway. >> bob you've been tracking some stocks on the move. what have you been looking at closely,
CNBC
Oct 10, 2012 7:00pm EDT
the middle class. >> how about state and local income taxes? that's another run right there. there are so many, jared. it's just simpson/bowles. why didn't your president -- why didn't he take up the simpson/bowles and run with it? >> this is an important point, jared. jared, let's focus on this, what arthur is saying. everybody in town, everybody in washington has a romney-like tax reform plan, whether it's the brookings tax policy center, they have one. >> he has a 28% -- >> you have simpson/bowles, and now you have the romney plan. your man's the only guy who thinks tax reform means higher tax rates. you're the only one. >> can i please respond here? >> i want you to. >> in every single budget he has produced, there has been a cap on itemized deductions for people above $250,000. they can only deduct the 28%, not 35% or 39%. and it raises half a trillion dollars over ten years. it's in every one of his budgets. please don't tell me it's not. i can show you where it is. >> arthur laffer, explain this to me. >> the key here is lowering rates. jared, i do agree with you, we need to raise
CNBC
Oct 10, 2012 2:00pm EDT
where we can go in and assist local jurisdictions to look at their finances. there is a process in place but it needs to be followed. if you're reviewing the finances of a local jurisdiction, do a situational analysis. then look at -- do a financial ratio analysis so that you can try to change the practices before a jurisdiction gets into deep financial trouble. >> john, do taxes need to go up on everybody in your state? >> do they need to go up? i've been strongly advocating massive tax reform here in the state of california. we know that we're at the 21st century -- >> what's reform? define reform. >> one of the things i would do is try to reduce the nominal rate. california actually compared to a lot of other states has an effective tax rate that's comparable to others. however, we start off with massive -- higher -- strike the massive. higher nominal rates but people don't understand the complexities of how you reduce the taxes, except for the tax experts. that scares away small and larger size businesses from coming to california. >> absolutely. that was going to be my next question
CNBC
Oct 30, 2012 2:00pm EDT
damage, like flooding or downed power lines. if the power is out, the refinery has to wait for local utilities to restore it. once power is back, the team will restart the refining units. this is done in the sequence of the actual retyping process. at a large facility, there could be dozens of maps in the lineup. and each individual machine might require a day or two days to start up. but in order for the refinery to get back to business, it needs crude oil to process. however, storm damage could be trapping the oil tankers and therefore, supply could be stuck offshore. all told, it can sometimes take up to two weeks to get a refinery up and running again. and even a small facility could require as long as seven to ten days. >>> well do not expect gas prices to stay down if refineries stay closed. and though mother nature is very unpredictable, anything we can do better to avoid these kinds of outages? let's bring in john hoff meister, founder and ceo of citizens for affordable energy. also the former president and ceo of shell oil's u.s. operation. great to have you with us once aga
CNBC
Oct 22, 2012 8:00pm EDT
. you'll see income coming into the federal government, state and local governments. we'll have the ability, i think, to finance all the things that we have dreams about. >> so, chuck, how do you do it then? go through the different policies from these two very different candidates in terms of getting back to growth. what do you think the president does not understand or is not getting about the economy. and what is the most important policy that governor romney can put forth actually getting us back on track. >> well, it's pretty simple, maria. just look at the record of the last four years. we've had the worst recovery that i've ever seen in all the economic studies that i look at and other brilliant economists. if we want four more years of lackluster growth, that's one thing. he knows how to negotiate with congress. he's done that. and, of course, in massachusetts, he turned around the olympics. he's had a long record from bane, originally. our firm has used them and did a massive turn around at schwab. they know how to get things done. and they know how to create policies t
CNBC
Oct 29, 2012 4:00pm EDT
to this storm response we've seen by state and local communities and business? >> our hearts go out to all of you on the east coast. we sincerely hope you get through this safely. we all have had storms and we've gone through this before. i think one of the advantages of a storm is that we do get a warning. in this case we've had days of warning. it allows us to prepare for a serious event like this. and perhaps even more importantly, it allows us to be ready to handle the aftereffects of such a devastation. >> say -- >> compared to an earthquake or terrorism, which you don't get any warning for. so, it does help to us handle this. >> what about the fact that the markets have been closed, i mean, the markets closed today, closed tomorrow. two days of trading interrupted. we haven't seen this, obviously, since september 11th. and before that, the only time the markets were closed due to weather was 1888. so, what would you expect once trading resumes? >> well, i think there will be volatility. i think the greatest risk is, remember, the markets have been questioning our economic growth here
CNBC
Oct 29, 2012 7:00pm EDT
is now an island. there is also now the concern that conedison the local utility has raise that had they may have to do preemptive power outages, if it looks like some of the low-lying areas are going to flood to protect the underground equipment. they would do power outages, so so much for the utility of having utilities and elect call wires under a ground. that can be an issue as well when storm surges rise. we'll be back with more as our special coverage goes on. guys, back to you. >> thank you so much, scott. that's why we have so many issues with the exchange. that's the neighborhood where the new york stock exchange is. back to the dramatic picture in midtown manhattan, a construction hanging from a skyscraper. robert frank is live in new york city with more on that. robert? >> reporter: thanks, guys. well, i'm standing on 57th and 8th, just a couple of blocks from where this crane is hanging like a giant sword over midtown manhattan. here's what we know so far. at approximately 2:45 today the boom of that crane was blown over the cab, over the top and is now hanging over the
CNBC
Oct 30, 2012 3:00pm EDT
our local law enforcement, our first responders are being swamped to the extent that everybody can be out there looking out for their neighbors, especially older folks. i think that's really important. if you've got a neighbor nearby, you're not sure how they're handling a power outage, flooding, et cetera, go over, visit them, knock on their door, make sure they're doing okay. that can make a big difference. the public can be the eyes and ears in terms of identifying unmet needs. second thing, the reason we're here is because the red cross knows what it's doing when it comes to emergency response. so for people all across the country who have not been affected, now's the time to show the kind of generosity that, you know, makes america the greatest nation on earth and a good place to express that generosity is by contributing to the red cross. obviously, you can go on their website. the red cross knows what they're doing. they're in close contact with federal, state, and local officials. they'll make sure we get the resources to those families as swiftly as possible. again, i want
CNBC
Oct 3, 2012 4:00am EDT
quickly. >> the struggle for power has been interesting to watch from some of the local newspapers, because there have been reports that tao has been keen to hold on to some of the power after he departs the top job. some of those generals have also not been successful so far in this lead-up to the change. do you think he will actually attempt to keep his finger on the pulse once he departs? >> the key question is whether he maintains position as the chairman of the military affairs commission. it gives him some leverage. but he lost a key battle just a little while ago, as your audience may know, there was a young man whose car crashed in beijing. he was half naked with two other almost naked women in his car, turns out he was the son of a key ally of tao, who was expected to run the central economy's general office, and that general office has always been a position of great authority, and now a person has been able to move in and take that over. so that could make it much more difficult for tao to affect the issues that people discuss. >> appreciate the time. thank you so much f
CNBC
Oct 3, 2012 3:00pm EDT
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CNBC
Oct 29, 2012 6:00am EDT
of commerce. ghuf chris christie ordering the vak ace of some 40,000 residents and all local businesses including the 12 flagship casinos. some stubborn locals want to stick it out, but for those, an emergency spokesperson said talk to someone who tried to ride out the storm of 1962 and see if they would do it again. and that storm wasn't even a hurricane. it was nor'easter. and hurricanes actually making direct landfall on the coast of new jersey a very rare occurrence. it's actually only happened three times ever. two unnamed hurricanes in 1978 and 1903 and hurricane irene making landfall as a tropical storm in aufg gust of 2011. when we talk to local business owners, they said the hit from irene was closing down business right ahead of labor day. this time the damages will be much worse. >> business interruption is a huge thing. irene was well over a million dollars because it was labor day weekend evacuation. this is mid week in a softer part of our season, but it will still probably be over a quarter of a million dollars to our properties. we're focusing on just protecting the prop
CNBC
Oct 30, 2012 4:00am EDT
the ability to be able to look at sizes that may not be available in their local store, but the company can locate let's say in new york and find the same size somewhere in california and ship it out to you. and those companies have a k5i7 ability and they're winning as a result, too. >> what sort of retail stocks would you put in your portfolio? >> i think you have to find something that offers newness to the consumer. that is pure price compare ability. i think you want a somewhat more upscale shopper and a beg presence on the internet, so i would say things like nordstrom, again, the leading u.s. retailer in terms of the internet and its capability. i think the likes of limited brands which pretty much owns the lingerie space in america has big scope to gro internationally, as well. and estee lauder has a big opportunity, again. that's the nature of stocks i'd be looking at. good thank you very much for stopping by. we are still taking your correspondence and we're getting more about the storm. nigel writes is sandy a boy or a girl? >> girl. hurricanes are girls. good i was noting the ot
CNBC
Oct 31, 2012 5:00pm EDT
a broadening in the local product market, it probably could lend a million to $4 million per refinery in additional income but only for a short period of time. these are huge, huge companies. before people think that this is really to build in the price of the stock, you probably shouldn't. >> you have to remember, people, everyone filled up their cars prior to the storm. so they filled them up, they got gas for their general ray tors. they really pulled out of supply for the demand. after the storm, we've had a lot of demand destruction. >> that's true. >> you could see a couple of days this go on a little bit further, there's going to be a lot of shorts put out that are stuck u. successful. by far, they have eliminated more demand. >> coming up, the ceo of general rack. storms of the century become yearly events. a mega day s. we'll tell you which deals are hot, which are not right after this. tdd#: 1-800-345-2550 this morning, i'm going to trade in hong kong. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan
CNBC
Oct 31, 2012 7:00pm EDT
. the rivers now meet the ocean. it's going to change local tide tables and navigational charts. we're just getting our arms around it. we were among the first few on a beach today looking at houses that are gone. neighbors that are gone. gas lines are open. it's a terribly scary atmosphere. they don't have their arms around it yet. but that's what we've been talking about during our coverage of this storm. >> brian, i grew up as a kid in deal, new jersey, right on the water towards the west end. it was right off ocean avenue. is this storm just taking that all out, going all the way up north and west? is that what's happened too? >> you know, i know it very well. long branch got hit very hard. the boardwalk there. spring lake got hit very hard. i haven't heard about deale. president garfield died if a house this close to the beach overlooking the water. but all of these communities are in the same spot. it mattered your prok sim t eed the hotel. saw i house today on market valued at $15 million torn to shreds and now it will be sold for a plot of property on the beach. >> did we learn enou
CNBC
Oct 29, 2012 1:00pm EDT
the states and localities for that. but certainly the deficit's getting out of control and i think people are worried about their future generations being strapped with that. surely governor romney's been in ohio probably just as much as the president. they're hitting us quite a bit. people had a chance to listen what he had to say and trust in it. >> mayor coleman, you're mayor of columbus, ohio. the biggest city. how is the economy? it's coming down in this election to not only the future for other generations but also the economic picture in specific areas of the country. how is the economy in columbus right now? >> the economy in columbus is vastly improving. in fact, we're leading the way for the rest of the state. our unemployment rate is 5.7%. still, we have much more to go. we're the lowest unemployment rate in the entire state. frankly, it is the work of the locality, it is the work of our work here in the city of columbus, working with the business community to help turn our economy around and i think the auto saving, the auto bailout helped out the entire state but also helped
CNBC
Oct 26, 2012 2:00pm EDT
look at local television as -- more on a two-year sishgle th cycle single year cycle. you have to average it out over the course of two years. but there's no better way to reach a broad audience with your messaging than local television. you want to get a message out, you want to hit a lot of people with it, local tv is the place to go. >> yeah. well said, dan. we know there's about ten people that are undecided at this point. do you get a lot of calls saying, hey, enough with the ads, knock it off? >> you know, i think people here get accustomed to it. to a certain extent, there may be some immunity to all that messaging. we've seen the polling change in the last couple weeks, so between the debates and the commercial messaging that goes along with it, i think it still has an impact. our own internal polling that we do here at television station shows that as early or as late as just this week, 6% of the electorate are still undecided. >> it is evenly matched in terms of democrats and republicans in terms of how much they are spending? do you sense an urgency among any particu
CNBC
Oct 30, 2012 6:00am EDT
on the local area. also lake erie had been continuing to get water over the interstate because of that. so the high wind warnings plus the snow we've had now, 18 inches in davis, west virginia and more to keep on falling. >>> let's talk about the new york stock exchange trading floor did survive the night. there was no flooding or damage. but a lot more going on and we want to talk to bertha coombs who joins us with more on what's ahead for the markets. >> yeah, last night the nyse take to go twitter to dismedical rumors that the floor was under water. you can see it is dry here. plenty of sand bags. later on this morning, the nyse, the nasdaq and exchanges will all try their contingency systems. the ncht yse will do that test between 8:00 a.m. and noon. they will do it open at 9:30 and then a closing at 12:00. they do expect and hope to be open tomorrow. but what you have to look at is the rest of the infrastructure here in lower manhattan. last night, we had a substation blow on east 14th street in the lower part of manhattan and that set off a major power outage, all of manhattan below
CNBC
Oct 15, 2012 6:00am EDT
've seen in florida. i've seen some weird things from some pollsters. i saw one of the local polls by one of the papers down there. >> "the herald times." >> was that an outlier, seven points, eight points for romney? >> that was seven points up for romney. this election is going to be just like 2010, all about jobs. whoever the floridians believe is going to get the economy going that's who they're voting for. that's how i won. i think romney right now, as you could see in the debate. >> is he leading in florida? >> yes. >> by? >> i'd be shocked if it's -- >> less than seven but more than one. >> it's going to be just like my race. people, they either want a job or they want to get it, they need a job or want to keep their job. look, we've done really well, the biggest drop in unemployment, consumer confidence up five-year high, unemployment has dropped, the number of people in unemployment dropped 40%, tourism is up, 90 million people come in tourism, exports are up, home prices are up, construction is up, so we're headed in the right direction but it's still about jobs. >> isn't that a
CNBC
Oct 16, 2012 10:30pm EDT
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CNBC
Oct 31, 2012 9:00am EDT
manhattan. thank you very much. coming up, local power companies across the united states are sending their crews out east to help restore power to the millions of people who are still without it. we'll look at the recovery efforts with the chairman, president and ceo of southern company next on cnbc. [ male announcer ] this is steve. he loves risk. but whether he's climbing everest, scuba diving the great barrier reef with sharks, or jumping into the market, he goes with people he trusts, which is why he trades with a company that doesn't nickel and dime him with hidden fees. so he can worry about other things, like what the market is doing and being ready, no matter what happens, which isn't rocket science. it's just common sense, from td ameritrade. >>> welcome back. let's get more on this historic day of trading. steve, thanks for joining us. >> a wait and see approach trying to make it as normal a day as unusual a day as possible. we're hoping for a calm, collective opening. i think we got that. volumes are lighter than we normally would see. i think people are starting to see th
CNBC
Oct 29, 2012 9:00am EDT
control because i can trade tdd#: 1-800-345-2550 directly online in 12 markets in their local currencies. tdd#: 1-800-345-2550 i use their global research to get an edge. tdd#: 1-800-345-2550 their equity ratings show me how schwab tdd#: 1-800-345-2550 rates specific foreign stocks tdd#: 1-800-345-2550 based on things like fundamentals, momentum and risk. tdd#: 1-800-345-2550 and i also have access to independent tdd#: 1-800-345-2550 firms like ned davis research tdd#: 1-800-345-2550 and economist intelligence unit. tdd#: 1-800-345-2550 plus, i can talk to their global specialists 24/7. tdd#: 1-800-345-2550 and trade in my global account commission-free tdd#: 1-800-345-2550 through march 2013. tdd#: 1-800-345-2550 best part... no jet lag. tdd#: 1-800-345-2550 call 1-800-790-3801 tdd#: 1-800-345-2550 and a global specialist tdd#: 1-800-345-2550 will help you get started today. >>> we continue it monitor the movements of hurricane sandy. david, good morning. good to have you. >> good to be with you this morning. >> obviously we know this is a time to get eyeballs and there's a couple diffe
CNBC
Oct 3, 2012 7:00pm EDT
surprised yesterday to learn that mitt romney was talking about tax policy to a local denver, colorado station where he essentially unveiled a new program with more details. he said his 20% tax cut would only allow $17,000 worth of deductions. if you have $17,000 bucket of deductions, that's all you're going to get and by the by it may even be a small are bucket for upper income people who are going to get a big tax cut. now, let me ask you, why then? why yesterday? why this local denver station? why didn't you all come out and first of all tell me first and, second of all, why didn't you tell the rest of the world you were finally putting meat on the bones of the tax reform plan? i don't get it. >> look, let me set you state on this. first of all, governor romney has a very bold tax plan that's designed to achieve more economic growth and lower the burden on middle-class taxpayers. as part of lowering those rates across the board, he believes we have to broaden the base. he talked about this as an illustrative example of some of the discussions that we're going to have. you obviously
CNBC
Oct 5, 2012 4:00pm EDT
." emily? >> i think ikea was wrong to apologize. they made a business decision. their local affiliate said it's offensive here to have a woman in your catalog in pajamas. they took her out. it's a smart business decision. they haven't pulled out their catal catalogs. i don't know why ikea has apologized except they've gotten whaled by these politicians. >> what's wrong with a company making a decision based upon local culture? is it really a human rights issue at this point? >> i think human rights issues would be overwrought. whose local culture? in saudi arabia you have women advocated for public life. >> there is no law in saudi arabia that women can't be in advertising. it's just a matter of respect for their culture and women are covered up. but, you know, this whole concept that a company has values, you know, i kika is not the united nations.kea is a coms in selling product. if it's better if them to sell book shelves and baskets by cutting out a woman in her pajamas in saudi arabia, good for them. >> think also customers are making decisions based on what they see as the value. >>
CNBC
Oct 31, 2012 1:00pm EDT
. on the other hand, there is a weak local economies and the weather so they're down already. it is more about lost revenue than costs. >> how do they recoup the costs? do they go to the state regulatory commissions and ask for rate increases? how could they get that money back? >> in many cases, they do have riders and they have preestablished recovery of their storm costs. in our cases they are allowed to defer costs above a certain level on their balance sheet, and then during upcoming rate cases they will be able to recoup it. we have seen it happen after the hurricane irene. the question is what kind of a backlash utilities will face to their storm restoration efforts. they're trying their best but it will take many days before the power service is restored. and that usually triggers a lot of regulatory scrutiny and that is not good news for utilities. >> as you look at the president's helicopter fleet there touring atlantic city, are any single companies of those you follow here more at risk to really devastating hits on their balance sheets or not? can you handicap it in any way for us?
CNBC
Oct 12, 2012 4:00am EDT
requires local talent. that is the way you can grow because you cannot go into germany and not have germans to it. so you are specific direction requires us to increase our presence in the local market. so this last quarter we've included people on site so we can recruit on site and integrate local communities to increase our abilities on site. so for that includes in the local markets is very much in line with our direction. >> and you mentioned wage costs. we're running 6% in india. so is it your expectation that wage costs will keep running at the current rate in terms of the pace of which they're going up or will it be pressure for them to go even higher? >> unemployment 3.5%, so there is still demand for people in the industry. and the compensation actually -- s the demand for people continues, there will be pressure on the compensation. >> all right. thank you so much for joining us, ceo and md of infosys joining us first here on cnbc. >>> and coming up after the break, we'll talk about japan's soft bank. it is in advanced talks to buy majority stake in sprint nextel. then don't miss
CNBC
Oct 3, 2012 5:00pm EDT
said 17% yesterday. he whispered it to a local denver affiliate. i don't know what was up with that. i wouldn't go there. i say $140,000 a year. >> cuddly. cuddles, we got to go. >> 25% to 20%. >> larry, i'm sorry. you got another hour 7:00. we'll be sure to tune in to see part two of your analysis. >> thanks for having me on your show. >> always good to see you. we have your first move tomorrow when we come back. when you take a closer look... ...at the best schools in the world... ...you see they all have something very interesting in common. they have teachers... ...with a deeper knowledge of their subjects. as a result, their students achieve at a higher level. let's develop more stars in education. let's invest in our teachers... ...so they can inspire our students. let's solve this. tdd#: 1-800-345-2550 after that, it's on to germany. tdd#: 1-800-345-2550 then tonight, i'm trading 9500 miles away in japan. tdd#: 1-800-345-2550 with the new global account from schwab, tdd#: 1-800-345-2550 i hunt down opportunities around the world tdd#: 1-800-345-2550 as if i'm right there. tdd#:
CNBC
Oct 5, 2012 7:00pm EDT
'm looking right at the sheet. government -- federal, state and local was only up 10,000. look, i know obama is going to crow about it. any president would crow about he needed some good news after getting walloped and having his clock cleaned at the debate. but my other point, jack -- >> larry, wait a minute, let me make one point. i've been reviewing businesses all week, 14 of them, okay, and not one of them is showing stronger growth in the third quarter than they did in the second. some are equal to the second, some are a little worse than the second. the economy was revised down in the second. it's implausible that you could be running at a 5% gdp growth rate, which is what these numbers are implying. >> the nonfarm payroll number was lousy. you're right about that. the nonfarm payroll and private sector numbers, 114,000 and 104,000 were lousy so i agree with that point. i want to challenge you on one other point, okay? the isms for manufacturing and services both outperformed. now they're walking back to the mid 50s. that shows better growth. maybe even 3% growth. car sales at 15 milli
CNBC
Oct 8, 2012 7:00pm EDT
debate. every single poll shows he's picked up 5, 6, 7 points. some of these local battleground states picked up 8, 9 points. is does that change your stock market outlook from bear to bull? >> you get rid of obama care and 3.8% tax on investment income and get the tax on medical device makers, larry. >> i will bet you $20 right now. i'll make a romney $10,000 bet that obama care is not repealed. >> i'll bet you it will be repealed, but i'll buy a gift for your new daughter. >> thank you. >> if romney wins, which was not expected a week ago but is now more expected, if he wins what is the stock market impact? is it greater than earnings and the federal reserve? how do you assess a romney victory? >> what becomes important is the effect on capital gains and dividend taxes. we as investors view asset investments on an after-tax basis. they make those particular investments more attractive, and we saw this with respect to to t cool stocks. >> the average small business has 2.5 employees, the average is over 5. small businesses get a boom in that. >> i don't disagree with what you're sayin
CNBC
Oct 10, 2012 5:00pm EDT
but also significant research and development. these are local products that contribute to the local economy that would be in the interest of the people to support. >> auto parts, delphi has been a fascinating story. the stock has done pretty well. they announced a large buy back. what do you think a deal at 31.5 into earnings? >> it is one of few auto stocks with a significant discount, shareholder friendly. numbers terrific since the ipo. we are above consensus. particularly amongst the higher growth auto stocks. our topic is american axle. we are bullish on the pickup truck segment. you will hear a lot about the significant demand in u.s. for full size pickup trucks. delphi does not play into that. >> got to leave it there. thanks for your time. itay michaeli joining us on the fast line. 18% in gdp will be shaved off in the next year. >> these are very, very big numbers. this is the bus that nobody is seeing right now. just imagine if there is back lash against the u.s. ninety-thr now you can't meet the phone numbers. >> something came out about solar panels. we read about where h
CNBC
Oct 27, 2012 4:00am EDT
about how it extends throughout the ecosystem to provide all of the local -- all of the local communications and telecom that has to go in. all of the proliferation of mobility devices creates more demands for infrastructure, good on both sides of the business. >> if that's the case, and it's a secular growth story, in 2013, you said this isn't going to be a total washout. 7 1/2 times earnings, we will buy what market wants to sell us? >> yeah, jim. we haven't made a call on 2013. as you referenced, we came out with what we thought was more muted outlook for the december quarter. lower than the normal guidance, but apparently some people were presently surprised. i tell you, we have on our buyback, total authorization of 7.50, through the end of the september quarter, 456 million, since october 1st, another $60 million, and an active participant. at these levels as we do our own valuation, on an intrinsic valuation basis, we're a good investment, and capital, new m&a, we'll take the opportunity to do so, and we're active with the program. >> very right when you come into buy.
CNBC
Oct 30, 2012 9:00pm EDT
, and local police departments across the country see a connection in separate cases of cash-advance schemes nationwide. >> what seemed to be the pattern in all of those cases was that runners and handlers were being sent out to the far-flung areas of the country, and money was coming back to california. >> narrator: in august 2007, indianapolis police arrest a crew hitting banks in indiana. according to court documents, one of the fraudsters has gone into banks, posing as an out-of-town comedian who's been robbed and needs a cash advance. in montana, investigators are catching up with kevin dixon and patience isaacs, as well. >> so, the bank up here on the left that we're approaching is first security bank. so, this bank over here is sky federal credit union. this is called rocky mountain bank. if you notice the banks that they picked out in bozeman, numerous banks were local banks versus the larger chain banks. >> narrator: andy knight is a detective in the bozeman police department. >> i got word from one of the banks that they had had a suspicious transaction come through. it was a large
CNBC
Oct 16, 2012 1:00pm EDT
plans or local law. any equity awards not accelerated upon termination. one benefit we're told of this timing, every's surprised that this came out the day after such a sole lid quarter. and especially when you could have waited until the end of the year. p but one theory behind this is citi will have to go through the stress tests again at the beginning of next year. if you come in january 2013, you're a fresh face on that field and hard to put togetherc. >> a banking source i spoke to said perhaps the board was waiting for its first glimpse of d day white. then giving the kind of cover that it needed to make the move. then giving the kind of cover that it needed to make the move. obviously citi and government have worked out some prices. sue, down to you. >> let's talk more about what's going on at citi and where the bank goes from here lacking forward with me now. first of all, your reaction. i think i heard some of maria's reporting. do you buy the fact that it has been planned for some time? >> there was obviously unhappiness here, but the fact that this suddenly comes out
CNBC
Oct 26, 2012 11:00pm EDT
it extends throughout the ecosystem to provide all of the local -- all of the local communications and telecom that has to go in. all of the proliferation of mobility devices creates more demands for infrastructure, good on both sides of the business. >> if that's the case, and it's a secular growth story, in 2013, you said this isn't going to be a total washout. 7 1/2 times earnings, we will buy what market wants to sell us? >> yeah, jim. we haven't made a call in 2013. as you referenced, we came out with what we thought was more muted outlook for the december quarter. lower than the normal guidance, but apparently some people were presently surprised. i tell you, we have on our buyback, total authorization of 7.50, through the end of the september quarter, 456 million, since october 1st, another $60 million, and an active participant. at these levels as we do our own valuation, on an intrinsic valuation basis, we're a good investment, and capital, new m&a, we'll take the opportunity to do so, and we're active with the program. >> very right when you come into buy. thank you for t
CNBC
Oct 2, 2012 4:00am EDT
rather than direct in to the local market? >> this is the most fascinating thing to me in the word rigld r now. you have this main market continuing to underperform. and many reasons why it's the case. one of which is the chinese authorities aren't motivated by the same things as the rest of us and trying to achieve this change in their growth. so i think you have to have a number of things, but in addition, it's probably now going to get trickier. because if we're going to a more quality china and less quantity, then some of the big global winners of the pastal winners. and it is conceivable that some of the luxury winners won't be quite as prominent. the call of my sort of thesis, i'll call it luxury light. you got to be investing in the things where the consumption of which chinese earn as opposed to production or let's just say weird ways of obtaining the wealth. because there is an effort to try and -- it's not quite so fashionable to be the extraordinary amount of gifting that's been going on. so i think it's a really good time to be a true stock picker in this regard. this is wher
CNBC
Oct 24, 2012 4:00am EDT
pop up, especially local media over the last couple of weeks. let me just focus in on "the wall street journal" story and the ft story, which have a similar story. basically, the two stories say the same. they say that ubs, as you mentioned, would embark on a new round of massive job cuts in the investment banking unit, which is still pressured by cost and by falling profitability and falling revenues, and these job cuts could be announced when the bank reports numbers next tuesday. "the wall street journal" also says the first round of job cuts could be announced starting today, and that would hit fixed income and equities trading. on top of that, it writes that there could be a reorganization or restructuring of certain units that it wants to get rid of or units it wants the keep. at this point, it didn't say how many jobs in total would be cut. both the ft and "the wall street journal" merely said that it could be in the thousands. so as you see, there's still a lot of speculation. no comment from ubs at this point. so we really have to wait until next tuesday to get more detail on
CNBC
Oct 2, 2012 4:00pm EDT
is sourced locally. no antibiotics in the meats. better corporate culture. in terms of the stock price, no stock price, not the market, you know, maria, nothing moves in a straight line. we increased one of our positions by 50% today in chipotle right on his comments. david's a nice guy. i hope it works out well, but he may lose a lot of money on this call. >> all right. we'll be watching. we're happy you're here to provide the other side. that's what makes a market. damon, see you soon. good to see you. >> you too. >>> up next, he's one of the richest men on the planet from the business he built from nothing. larry ellison sits down with me for an interview you'll only see on this network. we'll talk about oracle and a lot more right here on the "closing bell." up next, the lawyer who headed up compensation for victims of 9/11 and the bp oil spill. now he's been hired by penn state to determine who gets how much in the horrific jerry sandusky scandal. ken feinberg on the delicate business of doling out financial justice to victims. stay with us. [ male announcer ] the freedom and spir
CNBC
Oct 3, 2012 8:00pm EDT
, a local interview. romney drops this bomb that we've all been waiting for. we know he has tax cuts, but we didn't know what deductions he'd eliminate. he tells this local interviewer, not to demean the interviewer in colorado, but the deduction will only be $17,000. if you're in an upper class bracket, it's going to be less than that. i've been blogging and interviewing him for weeks and weeks to tell me and he drops that bomb before this local guy. >> he's getting so pressure to come out with specifics here. >> he's got to give specifics on loopholes and spending. but president obama has to give specifics too. we don't know where he's going in a second term. because he's never said. >> exactly. and he's not getting the pressure the way romney is. larry, we'll talk to you during the show. you're going to be here watching this debate and analyzing it. joining us now is ron paul. representative paul is a staunch critic of the fed. certainly fed jim bernanke and a big hawk about our deficit. good to have you on the program. >> thank you, maria. good to be with you. >> what are you expecting?
CNBC
Oct 4, 2012 12:00pm EDT
is the ticker. i believe what you want to do is not pick a tiny bank in some bizarre locale. you probably want to own the mid cap at the smallest. >> the kre, of course, is the regional bank for those of you scoring at home. >>> gold is catching a bid as the dollar loses ground following the ecb meeting earlier today. is 1800 just around the corner? let's go to jackie deangelis, the host of a new online sensation it says, jackie,'s called futures. >> it is. it's a live online streaming show dedicated to futures trading. more on that in a second, but you said it. gold indeed higher today. but you know what else is in serious rally mode? silver. raging in the pits today, which metal is the better bet. let's start talking now. rich, let's start with you. which one are you buying today? >> the hit show jerry seinfeld said it the best. gold, jerry, gold. we take a look at the mark. we're up, 14 and change. i like this market because it didn't fail yesterday. a lot of guys are saying there's a resistance at 1800. if we go up there, we potentially go higher. i want to participate in metals. i think t
CNBC
Oct 8, 2012 12:00pm EDT
state and local governments across america are increasingly betting on casinos to help raise revenue. which stocks are cashing in on that trend, we'll turn to cnbc's brian schactman live at ohio at the opening of the hollywood columbus casino. not a bad assignment for the day, brian. >> reporter: not bad, although i only get to watch right now. we got to wait until i get off the clock. this had is a huge deal for ohio. they get jobs, they get tax revenue and they have a casino on a property that was actually abandoned. the question we want to ask on "fast money," what's in it for pen national gaming, ticker pnn. they had had to pay a $50 million license fee. $400 million to get in here. 53% of their revenues, that's their tax rate, yet they're here and they're happy about it. >> we think we're going to make a nice living here in central ohio. as i said before, there are only two casinos here serving 1.5 million people. as we look at the metrics and do the market analysis, we think this is going to be a very good return for our shareholders. >> reporter: this is the third ohio casino
CNBC
Oct 8, 2012 5:00pm EDT
a lot and like it because it is the third largest weight in the korean index, a local mark that's has to be held by the local pension funds and some of the insurance companies and they love this company. their industrial growth is strong. and i would stay there >> go back to headquarters, check in with jackie deangeles, breaking news. >> the imf just releasing its world economic outlook update. the headline is that global growth projections are being marked down, downside risks are more elevated so looking for 3.3% and 3.6% growth in 2012 and 2013, ticking down .2 and .3% representatively. now in the united states, growth of 2.2% for this year, 2.1% next year. a revision of .1% high they are year. the bright side that the housing market and private credit ex-spans are occurringing. the downside worries, political gridlock and of course, the fiscal cliff. for the euro area, growth contraction of .4% in 2012 but an increase by .2% next year but there, of course, concerns that weakness may be spreading from the periphery to the whole of the euro area. meantime, china, 7.8% growth this ye
CNBC
Oct 10, 2012 6:00am EDT
by hiring people, that's probably a better argument. >> it was state and local -- >> that's why it's hard to argue. >> as jack said, question mark, question mark, question mark. >> these numbers have probably been massaged not just for the last two months. the way that the participation rate has slowly come down. i mean, there's a lot of different ways. >> i think it's a fair question to ask. the unemployment numbers have been wrong all along. >> but there's a difference between the number being wrong all the time, which is probably relatively likely. all you're really doing is looking at a trend line. >> there's got to be a margin of error. >> you're shocked that the government could be using it, or the party in power could be using it. >> i think that austin goolsbee was wrong, and in this case, to the extent that we're arguing manipulation, i think it's a hard argument to make. >> we know china cooks all the books and we know chavez didn't win. >> that's because you told me the bls guys went down there to count the votes. >> i did tell you that. what do they call when jimmy carter goes
CNBC
Oct 11, 2012 5:00pm EDT
their allocation of the money and be able to administer it on a more local level and hopefully tailor services to patients and make the program more efficient. when we've reformed medicaid in the past, all the good reforms that have been in the program have been examples where states got that flexibility as a result of waivers. >> if you look at how the market's interpreted obama's odds versus romney's odds, what's happened here as obama's lost his momentum, the health care stocks which were as hot as a fire cracker have corrected and seriously corrected. do you think the market's interpretation of the general momentum of romney is right for the health care sector? >> well, the hospital's one sector that has been volatile relative what's going to happen in the election. i think the markets aren't interpreting it fully correctly because if you look at the things in the obama health care plan, there's a lot of punitive measures, medical device companies, the pharma companies. i don't think that this market that was going to be created by the new health care plan that gets started in 2014 was goi
CNBC
Oct 11, 2012 7:00pm EDT
dollar limit, for example, on charitable deductions and health care deductions and state and local tax deductions, and if you put a dollar limit on that, grover, you make a bloody fortune at the upper end, so their tax rates at the margin would come down but their deductions would be lost. that would balance it in a revenue neutral way, and i'm going to throw in economic growth, grover. that will get to you 4% xhieconc growth which throws off -- >> we've been there, larry. >> the economic growth is the most important part. what we have with obama, if obama had had the kind of growth that reagan did from the bottom of the recession, there would be 10 million more americans at work. >> it's a very different recession. >> 10 million americans not working because obama spent money and raised taxes rather than -- >> a very different recession. the collapse of the housing bubble. >> dean, i don't want to go through the housing bubble. >> i don't want to either, but we did. >> the housing bubble is not going to come up for debate. i'm stick together debate tonight, and joe biden has been out
CNBC
Oct 12, 2012 4:00pm EDT
of the local economies we serve. yes, we got to charge. yes, we have to make a profit. the interest rates are at the lowest possible historical levels right now. so we are servicing. we're helping our consumers. do we have cost? of course we do. >> i don't understand why this is such a mystery. all of the u.s. and all the european banks are still trying to rebuild their capital. until they do that, the lending standards aren't going get easier. it's not that -- >> and they're deleveraging at the same time. >> exactly. the regulators go in and say, you can't make this loan, you can't make that loan. this is the way it is until we get through this tough period. >> and the way they're getting through this, as we all know, the fee base. tim sloan was just here, the ceo of wells fargo. they have this diversified portfolio. yes, they're doing well in the mortgage business, but they're doing better on the fee side of the ledger because that's where they can make their money. >> michelle -- >> get an adjustable, bob and absorb the interest rate risk yourself and you can have a 2% loan. >> that's
CNBC
Oct 29, 2012 5:00pm EDT
as possible. all these decisions are made at the local level but i would hope that they would look at the conditions we are dealing with and make the smart move and not have school bus owes the road tomorrow. we don't know what the conditions the roads will be in. we will anticipate during the evening, a lot more downed trees and downed wires. just be a very dangerous situation to move folks around tomorrow. we believe. so let's leave these roads open for emergency personnel to get around. department of health requested out of state assistance for 75 ambulances to help. 22 ambulances arrived from indiana today. i want to thank governor daniels for his assistance in this regard for sending 22 ambulances from indiana. they arrived today, traveled from indiana to new jersey and i want to thank governor daniels for his help in this regard. let's talk about road closures. garden state parkway closed in both directions from the driscoll bridge to the end of the parkway in cape may. and the turnpike currently is closed from exit 7-a to exit 8. 42 other road closures in 13 counties. where
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